国金证券：小米集团-W(01810)AI+消费构筑新空间泡泡玛特(09992)二三曲线快速发展

智通财经2025-12-22

智通财经APP获悉，国金证券发布研报称，小米集团-W(01810)发布MiMo-V2-Flash模型，优化推理成本与速度，并依托人车家全生态闭环加速AI物理世界落地，覆盖手机、IoT、汽车等多场景赋能。同时，泡泡玛特(09992)Crybaby特展在上海举行，通过门票销售与社交裂变延长IP生命周期。此外，宠物用品、银发经济及AI+3D打印等细分领域保持较高景气度。国金证券主要观点如下：小米集团：...

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curves","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"81810":0.6,"XIACY":1.96,"PMRTY":1.91,"HXXD.SI":0.6,"09992":1.91,"01810":1.96},"content_text":"智通财经APP获悉，国金证券发布研报称，小米集团-W(01810)发布MiMo-V2-Flash模型，优化推理成本与速度，并依托人车家全生态闭环加速AI物理世界落地，覆盖手机、IoT、汽车等多场景赋能。同时，泡泡玛特(09992)Crybaby特展在上海举行，通过门票销售与社交裂变延长IP生命周期。此外，宠物用品、银发经济及AI+3D打印等细分领域保持较高景气度。国金证券主要观点如下：小米集团：AI迈向物理世界构筑终极护城河，AI+人车家全生态价值重构MiMo-V2-Flash开启小米AGI蓝图，性能与成本综合质价比领先。12月17日小米人车家全生态合作伙伴大会顺利举办，MiMo团队负责人罗福莉完成了首秀演讲，发布MiMo-V2-Flash打模型，实现：（1）推理成本与速度的极致优化；（2）面向高效推理的结构创新；（3）全新的后训练范式提升模型推理与Agent能力。MiMo模型提供AI生态入口，同时小米作为全球唯一构筑人车架全场景闭环的硬核科技公司，牢牢把持物理世界落地场景，商业闭环有望跑通实现弯道超车。（1）手机：澎湃OS3AI技术全面融入与深度赋能，强化跨设备智能协同能力与场景化服务体验；超级小爱端侧大模型架构智能化升级，AI+小米超级岛重塑信息服务触达方式。长期看AI服务将走向系统级Agent与应用级Agent的深度打通；伴随硬件芯片升级且自用比例提升，软件OS生态优化AI交互与跨设备协同，AI手机路线提供高端化弯道超车绝佳机会；（2）IoT：硬件端智能工厂落地拉升各项参数，软件端Xiaomi Miloco助力家庭场景从万物互联到物理世界解决方案；（3）汽车：小米Mimo-Embodied大模型赋能，搭配L3级自动驾驶技术落地，构建人车家全生态产品力闭环。CarIoT支撑无缝智能体验；同时CarIoT生态开放，比亚迪、广汽丰田、长城、郑州日产等车企巨头宣布正式接入小米CarloT生态，生态影响力持续扩大。泡泡玛特Crybaby特展延长IP生命周期Crybaby特展上海站将于2025年12月20日至2026年1月25日在上海西岸梦中心梦工场举行。展览门票分为普通票和VIP票，价格分别为109元和258元。此次特展不仅有适合打卡分享的大型装置艺术，还设有需线上抢购后到店取限量商品和限量周边，有望吸引多样化的人群参展并分享。不仅拓展了泡泡玛特除商品销售以外的变现手段（展览门票收入），更有望通过参展人员在社交媒体平台的自发打卡分享实现信息传播裂变，保持品牌的“在场感”的同时增加信息“触点”，通过成熟且多样化的运营手段延长IP生命周期、提高IP高度。细分赛道景气跟踪（1）宠物食品&用品：佩蒂股份新西兰工厂产品及品牌部分产品即将上市，预计1Q26大规模铺货。此前新西兰工厂产能释放受阻导致公司今年业绩承压，明年产能爬坡有望带动业绩改善。悠派股份旗下宠物清洁品牌Honeycare，10月荣登亚马逊平台“尿垫和训练托盘”细分类目销量第一。（2）银发经济：国家卫生健康委、国家医保局、国家中医药局和国家疾控局发布《老年护理服务能力提升行动方案》。（3）AI+3D打印：11月中国3D打印出口数量、金额同比分别增长89%、136%，行业景气度持续高增。拓竹科技发布创造基金，深耕硬件+生态战略。产业的整合极有可能对上游耗材的性能与质量提出了更高要求，耗材市场可能由当前分散局面，逐步转向设备端品牌方主导的格局，家联科技等已进入头部品牌供应链体系标的。风险提示中美贸易摩擦升级超预期；汇率波动风险；外需消费不及预期；市场推广不及预期风险；新业务市场反响不及预期；存储涨价对手机等产品带来成本端压力。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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国金证券：小米集团-W(01810)AI+消费构筑新空间 泡泡玛特(09992)二三曲线快速发展

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国金证券：小米集团-W(01810)AI+消费构筑新空间泡泡玛特(09992)二三曲线快速发展